Survey says biometrics in banking on verge of become mainstream

According to a recent Mobey Forum survey, the use of biometrics in banking and payment systems is on the verge of becoming mainstream. The survey notes that major technological advances and economies of scale have enabled biometrics to gain strong momentum as a secure authentication factor to verify a customer’s identity in the areas of mobile banking and payment. The report argues that over the last two decades, the technology has steadily proven its credibility in this market, attracting the strong interest of a number of global business players.

The report states: “The vast majority of banks intend to implement biometrics in the relatively near future, just as the number of handset manufacturers planning to integrate biometric capabilities into their devices rises.” The report also notes that current market forecasts are extremely optimistic, projecting that by 2017, there will be over one billion users accessing banking services through biometric systems. READ MORE